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How do I know which exchange to use?

This depends on what crypto you are trying to purchase. Every crypto is built on a specific blockchain network. Whether it is Ethereum, Solana, Avalanche, Binance Smart Chain, this will tell you which exchange you need, and what crypto you need in order to swap into it.

To find out what chain the coin you want to buy is built on, the easiest way is to go to CoinGecko (which tracks all cryptos), search for your token, and look at the Contract Address. The contract address has a little logo next to it, and here is what they mean:

Ethereum (ETH) =

Solana (SOL) =

Avalanche (AVAX) =

Binance Smart Chain (BSC) =

Bitcoin = THORChain or Chainflip

Ethereum coins

ETH is the native Ethereum token. For Ethereum-based coins, you’ll need another Ethereum based coin to swap or ETH itself, plus some extra ETH to pay the gas fees. The gas fees have to be paid in the native coin.

Popular ETH coins include USDC, PEPE, Shiba Inu, Chainlink, Decentraland

Uniswap is our go-to exchange for ETH coins. Follow our guide for instruction on how to swap here.

Solana coins

SOL is the native Solana token. For Solana-based coins, you’ll need another Solana based coin to swap or SOL itself, plus some extra SOL to pay the gas fees. The gas fees have to be paid in the native coin.

Popular Solana coins include meme coins like BONK, Dogwifhat

Jupiter and Orca are our go-to exchanges for SOL coins, although Orca will block trades from USA users. Jupiter does, however, source some of their liquidity from Orca so you that is one way around it. Another way is to use a VPN. Follow our guide for instruction on how to swap here.

Avalanche coins

AVAX is the native Avalanche token. For Avalanche-based coins, you’ll need another Avalance based coin to swap or AVAX itself, plus some extra AVAX to pay the gas fees. The gas fees have to be paid in the native coin.

Popular Avalanche coins include USDC (on Avalanche), gaming crypto like SHRAP, MetagamZ

TraderJoe is our go-to exchange for AVAX coins. Follow our guide for instruction on how to swap here.

Binance Smart Chain coins

BNB is the native Binance Smart Chain token. For Binance Smart Chain (BSC)-based coins, you’ll need another Binance Smart Chain based coin to swap or BNB itself, plus some extra BNB to pay the gas fees. The gas fees have to be paid in the native coin. Be sure you have the correct type of BNB, as they have also have a Beacon Chain coin. If you have a Beacon Chain coin, you can use THORChain to swap for Smart Chain.

Popular BSC coins include BNB, CAKE

PancakeSwap is our go-to exchange for BSC coins. Follow our guide for instruction on how to swap here.

Bitcoin

Outside of centralized exchanges, your best options for swapping into and out of Bitcoin are THORChain and Chainflip. See our full THORChain writeup here, and our Chainflip writeup here.

Crypto Dummies ©2024. All rights reserved.

Crypto Dummies ©2024. All rights reserved.